证券代码：600426 证券简称：华鲁恒升 编号：临 2025-066 山东华鲁恒升化工股份有限公司 第九届董事会 2025 年第 5 次临时会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 山东华鲁恒升化工股份有限公司第九届董事会 2025 年第 5 次临时会议于 2025 年 11 月 17 日以通讯方式举行，本次会议的召开通知已于 2025 年 11 月 13 日以通讯 形式下发，应参加会议董事 11 名，实际参加会议董事 11 名。会议符合《公司法》和 《公司章程》的规定，会议形成的决议合法、有效。经与会董事投票表决，审议并通 过了以下决议： 一、审议通过《关于对 2021 年限制性股票激励计划回购价格第三次调整并回购 注销已获授但尚未解除限售的部分限制性股票的议案》。 因 2021 年限制性股票激励计划（以下简称"激励计划"）首次授予的激励对象中 有两人分别于 2024 年 11 月、2025 年 5 月退休（以下简称"上述人员"），根据激励计 划第十三章"公司及激励对象发生异动的处理" 第二条 " ...

风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 从基金十大重仓股角度 数据显示，永赢基金旗下1只基金重仓华鲁恒升。永赢稳健增利18个月持有混合A（010560）三季度持 有股数8000股，与上期相比持股数量不变，占基金净值比例为0.45%，位居第九大重仓股。根据测算， 今日浮亏损失约1.16万元。 永赢稳健增利18个月持有混合A（010560）成立日期2021年1月26日，最新规模4751.6万。今年以来收益 6.63%，同类排名6449/8140；近一年收益9.81%，同类排名5804/8057；成立以来收益13.32%。 永赢稳健增利18个月持有混合A（010560）基金经理为陶毅。 截至发稿，陶毅累计任职时间5年193天，现任基金资产总规模179.57亿元，任职期间最佳基金回报 21.56%， 任职期间最差基金回报-0.88%。 11月18日，华鲁恒升跌5.01%，截至发稿，报27.52元/股，成交5.02亿元，换手率0.84%，总市值584.3 ...

Core Viewpoint - Hualu Hengsheng's stock price has shown a year-to-date increase of 34.66%, but recent trading indicates a slight decline, with a 2.11% drop on November 18, 2023, reflecting mixed investor sentiment and market dynamics [1]. Financial Performance - For the period from January to September 2025, Hualu Hengsheng reported a revenue of 23.55 billion yuan, a year-on-year decrease of 6.46%, and a net profit attributable to shareholders of 2.37 billion yuan, down 22.14% compared to the previous year [2]. - Cumulatively, the company has distributed 8.97 billion yuan in dividends since its A-share listing, with 4.78 billion yuan distributed over the last three years [3]. Shareholder Structure - As of September 30, 2025, the number of shareholders for Hualu Hengsheng decreased by 16.59% to 44,000, while the average number of circulating shares per person increased by 19.90% to 48,213 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 37.98 million shares, a decrease of 38.37 million shares from the previous period, and new entrants like Penghua CSI Sub-Segment Chemical Industry Theme ETF [3]. Market Activity - On November 18, 2023, Hualu Hengsheng's stock traded at 28.36 yuan per share, with a total market capitalization of 60.215 billion yuan. The trading volume was 95.825 million yuan, with a turnover rate of 0.16% [1]. - The stock experienced a net outflow of 11.78 million yuan from main funds, indicating a cautious approach from investors [1]. Business Overview - Hualu Hengsheng, established on April 26, 2000, and listed on June 20, 2002, is primarily engaged in the production and sale of urea and methanol. Its revenue composition includes 48.34% from new energy and new materials, 24.61% from chemical fertilizers, and 10.82% from acetic acid and derivatives [1]. - The company operates within the basic chemical industry, specifically in the agricultural chemical products sector, and is associated with various concept sectors including fertilizers and coal chemical [1].

Core Insights - The China Petroleum Industry Index has seen a strong increase of 1.22% as of November 17, 2025, with leading stocks including Salt Lake Co., Jinfa Technology, and Hengli Petrochemical [1] - The Petrochemical ETF (159731) rose by 1.18%, reaching a latest price of 0.86 yuan, with a net inflow of 4.2581 million yuan [1] - Over the past 10 trading days, there have been 8 days of net inflows totaling 14.913 million yuan, with the ETF's latest share count reaching 204 million and a total scale of 173 million yuan, both hitting a one-year high [1] Performance Metrics - As of November 14, 2025, the Petrochemical ETF has experienced a net value increase of 26.25% over the past six months [3] - The ETF's highest single-month return since inception was 15.86%, with the longest consecutive monthly gains being 6 months and a maximum increase of 23.51% [3] - The average return during the rising months is 5.06%, and the ETF has outperformed its benchmark with an annualized excess return of 5.9% over the last six months [3] Top Holdings - The top ten weighted stocks in the China Petroleum Industry Index account for 56.05% of the index, with Wanhua Chemical, China Petroleum, and Salt Lake Co. being the top three [3] - The weightings of the top stocks are as follows: Wanhua Chemical (10.47%), China Petroleum (7.63%), Salt Lake Co. (6.44%), and China Petrochemical (6.44%) [5]

Investment Rating - The report rates the chemical industry as "Outperform the Market" [3] Core Views - The report highlights the increase in overseas natural gas prices and lithium hexafluorophosphate prices, while methionine prices have decreased. It suggests focusing on sectors mentioned in the "14th Five-Year Plan," undervalued leading companies, the impact of "anti-involution" on supply, and electronic materials companies under the context of self-sufficiency [3][10]. Summary by Sections Industry Dynamics - In the week of November 10-16, 2025, among 100 tracked chemical products, 42 saw price increases, 30 saw price decreases, and 28 remained stable. The average price of 31% of products increased month-on-month, while 56% decreased, and 13% remained unchanged. The top gainers included butyl acetate and sulfur, while the largest declines were seen in pure pyridine and methionine [8][29]. Price Trends - The average price of lithium hexafluorophosphate rose to 135,000 CNY/ton, marking a 13.45% increase week-on-week and a 141.07% increase year-on-year. Conversely, methionine's average price fell to 19.55 CNY/kg, down 1.76% week-on-week and 0.91% year-on-year [31][32]. Investment Recommendations - The report recommends focusing on sectors highlighted in the "14th Five-Year Plan," undervalued leading companies, and the impact of supply-side reforms. It suggests a mid-to-long-term investment strategy that includes companies in emerging fields such as semiconductor materials and new energy materials, with specific recommendations for companies like Wanhua Chemical and Hualu Hengsheng [10][29]. Market Performance - The basic chemical industry index rose by 2.61%, ranking 9th among 31 primary industries, while the oil and petrochemical sector increased by 2.29%, ranking 11th [8][10]. Key Stocks - The report identifies "Golden Stocks" for November as Hualu Hengsheng and Yake Technology, highlighting their strong performance and growth potential [5][11][17].

Group 1 - The company will hold an investor briefing on November 24, 2025, from 09:00 to 10:00 at the Shanghai Stock Exchange Roadshow Center to discuss its Q3 2025 performance and financial results [2][3][4] - Investors can submit questions from November 17 to November 21, 2025, before 16:00, through the Roadshow Center website or via the company's email [2][4][5] - The briefing will be conducted in an interactive online format, allowing for real-time communication between the company and investors [3][4] Group 2 - Key personnel attending the briefing include Chairman Chang Huaichun, Vice General Manager and Financial Officer Gao Jinghong, Independent Director Wu Fei, and Board Secretary Gao Wenjun [4] - After the briefing, investors can access the main content and details of the event on the Shanghai Stock Exchange Roadshow Center website [5]

Investment Rating - The report maintains an "Optimistic" rating for the chemical industry [4]. Core Insights - The overall allocation of public funds in the chemical sector has decreased, reaching a historical low, with a national ratio of 1.67% in Q3 2025, down 0.13 percentage points from the previous quarter [10]. - The top ten heavy-holding stocks in the chemical sector have seen a decline in their market value proportion, indicating a more diversified holding structure. Traditional blue-chip stocks like Wanhua Chemical and Hualu Hengsheng have regained prominence, suggesting that pessimism in the chemical industry may have bottomed out [16][17]. - The total market value of chemical holdings among the top 30 funds increased by 14.99% to 55.008 billion yuan in Q3 2025, although the concentration of holdings decreased [31]. Summary by Sections 1. Changes in Chemical Public Fund Holdings in Q3 2025 - The national allocation of heavy chemical stocks has decreased, with regional variations noted. For instance, the East China region saw a decline of 0.22 percentage points to 1.70% [10]. - The number of funds holding chemical stocks has increased, primarily driven by blue-chip stocks. Notable increases were seen in Wanhua Chemical and Hualu Hengsheng, with respective increases of 18 and 30 funds [21]. 2. Total Market Value and Concentration of Chemical Holdings - The total market value of the top 30 funds' chemical stocks reached 55.008 billion yuan, reflecting a significant increase, while the concentration of these holdings decreased by 4.60 percentage points [31]. - The top three stocks by market value were Wanhua Chemical, Juhua Co., and Hualu Hengsheng, with respective market values of 6.12756 billion yuan, 6.11239 billion yuan, and 5.12956 billion yuan [31]. 3. Investment Analysis Recommendations - The report suggests focusing on cyclical sectors, including textiles, agriculture, and export-related chemicals, as well as companies benefiting from "anti-involution" policies. Specific stocks to watch include Lushi Chemical, Yunnan Tin, and Juhua Co. [4].

证券代码：600426 证券简称：华鲁恒升 公告编号：临 2025-065 山东华鲁恒升化工股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 投资者可于 2025 年 11 月 17 日 （星期一） 至 11 月 21 日 （星期五）16:00 前登录上证路 演中心网站首页点击"提问预征集"栏目或通过公司邮箱（hlhszq@hl-hengsheng.com）进行 提问。公司将在说明会上对投资者普遍关注的问题进行回答。 山东华鲁恒升化工股份有限公司（以下简称"公司"）已于 2025 年 10 月 30 日发布公司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公司 2025 年第三季度经营成果、 财务状况，公司计划于 2025 年 11 月 24 日 （星期一） 09:00-10:00 举行 2025 年第三季度 业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2025 年第三季度的 ...

Summary of the Conference Call on Oxalic Acid Industry and Hualu Hengsheng's Insights Industry Overview - The oxalic acid industry is experiencing significant growth, with Hualu Hengsheng benefiting from an expansion to an annual production capacity of 700,000 tons, indicating a strong potential for price increases in oxalic acid [1][4] - The demand for oxalic acid is rapidly increasing in key sectors such as pharmaceuticals, rare earths, and new energy, with consumption in these areas doubling year-on-year, suggesting a positive outlook for oxalic acid demand [9][10] Company Insights - Hualu Hengsheng is expected to see substantial benefits from the anticipated recovery in the prices of its products, including oxalic acid, urea, and other chemicals, particularly in 2026 [1][4] - The company has a competitive edge due to its integrated production processes, allowing for flexible switching between the production of ethylene glycol, dimethyl oxalate, and oxalic acid, which enhances cost control and profitability [2][13][14] - Future growth drivers for Hualu Hengsheng include upgrades to existing facilities, the release of urea production capacity, and the launch of new TDI projects, which are expected to contribute significantly to the company's overall performance [5][15] Market Dynamics - The macroeconomic outlook for the chemical industry is positive, with signs of a recovery in capital expenditures since 2025 and a potential increase in demand driven by domestic policies and overseas interest rate cuts [7] - On a micro level, the growth rate of new chemical plants has slowed significantly since 2024, with some segments experiencing zero new capacity additions, which, combined with increasing demand for quality chemical materials, is expected to lead to a supply-demand recovery [8] Competitive Landscape - The oxalic acid market is characterized by high concentration, with Hualu Hengsheng holding a significant market share, providing it with competitive and pricing power [11] - Current operating rates among manufacturers are around 80%, with recent signs of price increases, indicating a favorable market outlook without immediate plans for new capacity additions [11] Price Trends - The price of oxalic acid has been on a downward trend over the past two years, currently around 3,000 RMB per ton, but is expected to rebound as supply tightens. Historical prices have reached 5,000 to 6,000 RMB per ton, suggesting significant price elasticity if demand improves [12] Future Growth Areas - Hualu Hengsheng is also exploring potential growth in TDI projects and other bulk chemical products like DMF and formic acid, which are expected to benefit from the overall recovery of the industry and collaborative pricing strategies [16]

Core Viewpoint - The Shandong Hualu Hengsheng Group is focusing on strategic planning for the "14th Five-Year Plan" period, emphasizing systematic development and operational efficiency [1][2]. Group 1 - The company aims to enhance strategic thinking and clearly define key tasks for the "14th Five-Year Plan" period [2]. - The strategic direction will focus on "renewing stock, improving efficiency, coupling chains, and upgrading products" to create a new development pattern [2]. - There is a commitment to integrate technological and industrial innovation, increasing investment in technology to elevate its technical level from following the industry to leading in niche areas [2]. Group 2 - The company plans to promote safety production, pollution reduction, and intelligent transformation, focusing on building a high-standard safety system and a high-quality green ecological layout [2]. - The strategy includes identifying and addressing weaknesses, enhancing development quality, efficiency, and effectiveness to become a benchmark in industry management [2]. - A people-oriented approach will be adopted, improving talent selection mechanisms and performance evaluation systems to maintain industry-leading productivity and profit margins [2]. Group 3 - The company emphasizes strengthening party building to guide high-quality development through political leadership, organizational empowerment, value creation, and strict governance [2].